Bad credit health can make you suffer

Credit Health is nowadays termed as an important aspect in financial standing. Basically it helps lenders determine the creditworthiness of any individual for any financial assistance.

Lenders love to see factors such as mix of different types of credit accounts, timely payment on their dues, new credit, and many other factors. Applying these factors efficiently will help you to maintain your credit history in a better way.

Consumers themselves are interested in keeping their credit scores in a tip-top shape so they improve their creditworthiness. Not only it will improve their creditworthiness but will also help them save a lot of money. People who are creditworthy will immediately earn the trust of lenders and financial assistants, while people who are not creditworthy will be rejected immediately.

Lenders and financial assisters check applicant’s credit worthiness by a three digit number called a credit score. The credit score can be termed as a snapshot of their credit report. This number denotes how creditworthy an applicant is.

The credit score ranges from 0 to 900 for all the bureaus. The three major credit bureaus in India are CIBIL, Equifax and Experian. These bureaus with the help of the database maintained by them provide credit report to individuals as well as to lenders. Based on the credit report, the bureaus calculate the credit score for each individual.

A credit score of more than 750 points is considered to be a good credit score. Individuals with such score find it really easy to get financial assistance from the market and also at a relatively low interest rate.

Maintaining a relatively good credit history and credit score will help individuals to be financially strong and will also help them to save money.

Below are some of the factors which will help you to maintain a good credit history:

• Paying your debts in time.

• Paying your loan instalments before due date. This practice will help you to maintain a record for paying their dues on time and also will be free from paying a late fee for the same.

• The same applies for credit card. It is also seen that people paying their credit card dues will see a boost in your score when they pay off their dues on or before due dates.

Credit Sudhaar is India’s first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.